Economics

Your favorite search engine will tell you that there are about 225,000 instances of the term “MIT golf”out there. Not overwhelming, but it’s more sizable than a search for “CalTech Golf,” which yields a mere 2,000 results.

Source: Pound Ridge Golf Club.

Pound Ridge Golf Club.

Somewhere deep in that query is Ken Wang ’71, who owns Pound Ridge Golf Club and who is hosting the first annual MIT Golf Outing on May 20 in Westchester County, New York. The tournament will benefit MIT’s Department of Athletics, Physical Education, and Recreation.

Offering his course to MIT for a day caps years of service to the Institute.  Currently a member of the corporation, Wang is also a former Alumni Association board president, MIT Club of New York president, and member of over a dozen visiting committees and advisory boards over the years.

But Wang is always eager to advance MIT’s brand into the world of athletics.

“I really believe that as MIT evolves, and the people involved with it evolve, it’s important that we start doing more mainstream stuff,” says Wang. “Plus, it’s just good fresh air.”

Pound Ridge has been a favorite among New York celebrities and politicians over the years. Its challenging 146-slope design came from Pete Dye, who also designed TPC Sawgrass and other world-famous courses.  Wang bought the course in 2008; four years later, Pound Ridge was named second among the New York City area’s top courses by Golf Magazine.

At the tournament to support DAPER, MIT golfers will face Pound Ridge’s signature boulder in the middle of the 13th fairway and pray for luck on the backboard headstone behind the 15th green. But Wang won’t be among them.

“I’ll be there, but I won’t be golfing,” he says, adding, “I’d rather not have my game seen in public!”

Asked to name the best golfer in MIT history, Wang replies, “He’s going to kill me for saying it, but I’d say Robert Turner ’74, who’ll be there. He’s a very good golfer.”

Ken Wang '71. Photo: Tanit Sakakini.

Ken Wang ’71. Photo: Tanit Sakakini.

In an interview on the Golf Trips blog, Wang lists the Blue Monster at Doral as a favorite course and says he prefers Jack Nicklaus over Arnold Palmer.

As for Tiger Woods, Wang says, “I don’t necessarily approve of the shenanigans, but I love Tiger. He’s the most important person in the sport.”

When he’s not thinking about golf, Wang serves as president of the U.S. Summit Corporation, founded by his father CC Wang SM ’45 and three of his classmates. Between these two roles, Wang puts his MIT economics degree to good use.

Wang didn’t golf during his years at MIT, though he loved playing intramural hockey. At times, his relationship with DAPER was less than appreciative. “I didn’t pass the swim test, although I’d like you to know that I could have. I just wasn’t a very competent swimmer, so I took swimming because I hoped it would make me better. I was finally able to splash my way through it.”

Update: We have a winner! The foursome of David Tohir ’79, Brian Tohir, Frank Granito and Sasha Mrdelja finished in first place. Greg Turner ’74, John Wang ’14, Paulina Mustafa ’13 and MIT Director of Athletics Julie Soriero finished in second place. MIT head football coach Chad Martinovich sank a hole-in-one. View a photo gallery of the first annual outing.

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What do you get when you combine two Sloan MBAs and two big brains from CSAIL?

The answer is Locu, a free web platform that delivers menus and real-time stats for thousands of small businesses using the latest in search engine savvy and localized analytics.

The MBAs — Rene Reinsberg GM ‘11 and Marc Piette GM ’11 — joined CSAIL senior PhD candidate Marek Olszewski and postdoc Stelios Sidiroglou-Douskos to form Locu. They launched the site in 2011.

Marc Piette GM ’11 (left) and Rene Reinsberg GM ‘11 (right), two of Locu’s co-founders. Photo: locu.com.

Together, these four entrepreneurs found both a market in need, small businesses, and a large willing consumer base, one fatigued by Yelp ratings and Groupon discounts.  Simply give them a menu of pizzas, health club classes, or handyman services, and Locu’s software does the rest, pushing the information to dozens of reputable websites and social media platforms that aggregate such services.

In other words, finally, that Chinese takeout in town that you love or your [Town-name] House of Pizza will have a website, or at least appear in search results.

Combining SEO with supply-and-demand economics, the Locu platform aims to give savvy business owners far more than just star-ratings and user reviews.  Though they started with a simple product called MenuPlatform, the company’s business model is ambitious—and you might think eerie: “Our mission is to structure the world’s information.” Nevertheless, it’s generating plenty of buzz.

Restaurants have jumped onboard. Locu estimates that it will index its millionth menu this year, maximizing that menu’s impact across web, mobile, and social platforms. OpenTable, which already had a pretty firm grip on the e-menu niche, conceded to Locu’s more powerful code last fall in a can’t-beat-‘em-join-‘em type concession (OpenTable still has the market on reservations).

Aside from restaurants, enough corner stores in Locu’s two hubs (Cambridge and San Francisco) had signed up by last week that the owners were able to publish a study on hipsters and PBR beer on their blog. If anyone has yet to understand the wonders of big data, perhaps Locu’s beer maps of Budweiser and Pabst distribution can win them over.

Next up for Locu? What about ordering takeout from a Facebook page?

“The reality is this: we’re geeks,” the owners write on their blog. “We love technology and spend our days finding new ways to apply it to the merchant world to make things better.”

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Autor's research shows the relationship between unemployment and disability claims.

Autor’s research shows the relationship between unemployment and disability claims.

Sometimes an MIT faculty member’s research hits a vein of public interest and corresponding media attention fast. In recent weeks, MIT economist David Autor, whose research includes human capital and wage inequality as well as labor markets and technological change, has been making headlines:

Disability Insurance: America’s $124 Billion Secret Welfare Program

The Atlantic reported March 25 that the Social Security disability program rolls have more than doubled in the past 20 years, even though people are healthier. The article points to Autor’s research to assert that people over 50, the typical population with disabilities, are healthier now than in the 1980s. So what is happening? Autor’s work shows that disability applications relate more to unemployment than health: applications tend to rise and fall with the unemployment rate and most applications come from recently unemployed workers.

Study of Men’s Falling Income Cites Single Parents

Autor’s research is featured in the March 20 New York Times article on the decline of two-parent households, which he links to the growing trend of men earning less. He found that boys raised in single-parent households, which are predominately headed by women, “appear to fare particularly poorly.” For more, download Autor’s report, “Wayward Sons: The Emerging Gender Gap in Labor Markets and Education” on the Third Way website.

Other articles:

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NerdWallet logoWhen it comes to financial services, companies use everything from talking babies to Vikings to persuade people to use their products. You practically need a degree from MIT to decide on the best checking account or credit card rewards program. Which is exactly why the friends and family of Jake Gibson ’04, who majored in math and finance at the Institute, sought him out for basic financial advice.

“I realized that there was no trusted resource for them to find answers,” Gibson says. So he left his job at JPMorgan Chase and cofounded San Francisco-based NerdWallet, a website that helps consumers make informed choices about their personal finances by creating free, simple tools and resources using a numbers-based, analytic approach. Users can do personalized searches based on their spending habits and receive unbiased results—the company’s tagline is “We do the homework for you.”

Here are just some of the comparison tools on the NerdWallet site:

  • Credit cards based on the best balance-transfer offers, lowest interest rates, or most cash back
  • Brokerage firms broken down by best data-analysis tools or research reports or lowest fees
  • Checking accounts filtered by age and stage (teens, college students, seniors, or everyone else) as well as by type of financial institution (big, community, or Internet bank or credit union)
  • Student loans based on estimated repayments
  • Online shopping deals organized by cash back, points, or miles for purchases as well as those offering coupon codes and promos (there were nearly 46,000 deals and promos at press time, and you can sort by independent retailers and Etsy coupons as well)

One of numerous tools NerdWallet offers to compare financial services, like checking accounts, brokerage firms, and student loans.

Articles on the NerdWallet site provide advice on everything from investing to food stamps. NerdWallet Education offers a scholarship search and compares colleges based on highest employment rates and salaries for grads as well as schools with the most students volunteering or traveling after graduation. The education section of the site is completely free of ads and commercial referrals.

NerdWallet also provides advice on travel with a feature called TravelNerd. There’s an online tool to compare various airline fees, and a newly launched smartphone app helps at the airport by recommending parking and transportation (including any taxi-sharing offers and phone numbers for car/shuttle services), amenities, and terminal maps.

The site has been getting great buzz this year, with its services and tools recommended by and mentioned in the New York Times, Los Angeles Times, Forbes, Time, Money, Huffington Post, and more.

NerdWallet is a labor of love for Gibson and his employees, many of whom took pay cuts and gave up successful corporate trajectories to help people and further the company’s mission of transparency in the realms of financial, travel, and educational services.

So, has it been worth it?

Joseph Audette ’05, VP of education and financial literacy, says it has. “My cousin just emailed me saying she used our site to know which bank was the best on her campus,” he says. “You don’t get those emails when you are working at a hedge fund.” A site like NerdWallet would have helped him with his own finances. “After MIT, I consolidated my loans privately and ended up paying much more than if I had consolidated using the federal system,” he says. “I just didn’t know that was an option for me. That is why we created NerdWallet Education as a pro bono resource.”

In the coming year, NerdWallet plans to release additional resources that focus on financial literacy and college affordability. It’s also expanding nonprofit partnerships by working with the Bill and Melinda Gates Foundation on a new grant to help first-generation students and parents complete the FAFSA.

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Effective January 2, 2013, the sequestration budget cuts found in the Budget Control Act of 2012 will reduce federally funded research and development by at least $12.5 billion per year. If action is not taken by policymakers, the cuts will limit the innovation capabilities of major science agencies like the National Science Foundation, National Institutes of Health, and NASA.

Claude Canizares

From the MIT Legislative Advocacy Network (LAN):

“The Information Technology and Innovation Foundation (ITIF) projects that a decline in R & D investment of this magnitude will reduce GDP by at least $203 billion in the short term and up to $860 billion over the complete timeline of the sequester. Just the short-term loss is the economic equivalent to eliminating all sales of new motor vehicles for a half year.”

Budget cuts will directly affect MIT. To elaborate on the Institute’s sequestration preparation, the Alumni Association will host a webinar, “The Fiscal Cliff—How it Affects MIT,” on Friday, Dec. 7, at 3:00 p.m. (EDT). Register for this free event to learn how MIT it preparing for reductions in federal research funding and what effect the potential cuts will have on science innovation.

Moderated by LAN member John Gavenonis ’98, the discussion will feature Vice President for Research and Associate Provost Claude Canizares; MIT’s Washington, D.C. Office Director William Bonvillian; and MIT Senior Policy Advisor Amanda Arnold.

A video produced by Stand With Science, “What’s Next?,” illustrates the cuts’ impact on research funding. The group—which includes Nathaniel Twarog ’97, PhD ’12 and graduate students Samuel Brighton and Mike Henninger—created an online petition that asks Congress for a bipartisan solution that maintains adequate funding for science research and training.

The LAN is encouraging alumni to contact their representative and senators (using the attached template) and ask them to take immediate action to avoid the sequester.

For more information on the webinar and Legislative Advocacy Network, visit the LAN online toolkit or contact alumadvocacy@mit.edu.

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commencement speaker

On June 7, Dropbox CEO Drew Houston ’05 will address Commencement—you can watch online.

Every month, Tech Connection zips out to about 90,000 MIT alumni and friends to share highlights of MIT research, alumni and campus human-interest stories, and news. If you are an MIT alumnus or alumna, Tech Connection should be plopping into your email inbox about the third Wednesday of the month. That’s today!

So, here’s a quick overview of the contents—a lead story plus news briefs that link to 15-20 full articles. We hope that you’ll take a little time today to check out the enewsletter via email—or read it online.

How an MIT Professor Became “Mr. Mandate”

The path Jonathan Gruber ’87 followed to the center of health-care policymaking in Washington began when his research as a young MIT professor…..

Research & Discovery

  • What Topics Will Trend on Twitter?
  • Ocean Currents Help Predict Arctic Ice Changes
  • Researchers Develop Big-Data Shortcut
  • Nanostructured Material Could Lead to Better Armor
  • Sloanies Team Up to Create Bounce Imaging
Amy Smith

Amy Smith’s D-Lab and the urban studies department will lead a $25M USAID effort to use technology to help the world’s poor.

You can also read about two new books—one on the economic impact of improving logistics and the art of revealing science visually. Learn about campus stories such as the senior who co-founded a rowing mentorship program for low-income teens in Boston, what’s unique about MIT’s EECS department, and a ball-shaped camera invented by Sloan students for use in emergency situations. Find out how you can travel to Mongolia in the company of other alumni. Slice of MIT blog posts cover two MIT Gangnam-style videos (featuring professors Noam Chomsky and Eric Lander), Professor Winston’s reflection on a dreadful sophomore quiz, and Professor Don Sadoway’s visit to The Colbert Report.

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Economist Ngozi Okonjo-Iweala PhD ’81, Nigeria’s coordinating minister for the economy and minister of finance, has been a crucial player in her country’s economic reforms. The challenges are enormous. Nigeria, a complex nation with a notable history of corruption and mismanagement, faced huge debt burdens and little hope of change. Yet from 2003 to 2006, Okonjo-Iweala stepped into the fray—with admirable results. Her new MIT Press book, Reforming the Unreformable: Lessons from Nigeria describes the transformation.

What were the results? In Nigeria’s Debt Management Office and later as minister of finance, she spearheaded negotiations that led to the cancellation of some 60 percent of Nigeria’s external debt. The book profiles those debt negotiations, details the fight against corruption, and traces the struggle to implement macroeconomic and structural reforms. A 2005 interview in The Guardian cites her willingness—make that eagerness—to fight corruption and her effectiveness as she redirected oil income away from a tiny elite and toward improvements like clean water for the nation. She also fired corrupt officials, shrank a bloated civil service; and cracked down on letter and Internet scams.

Okonjo-Iweala, who served as managing director of the World Bank and was a recent candidate for its presidency, is the daughter of the king of the Igbo tribe, earned an undergraduate degree from Harvard, and is married and the mother of four. Last summer, she was named as one of Forbes magazine’s Powerful Women.

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In case you haven’t noticed the commercials and advertisements from candidates and PACs—not to mention campaign speeches—Election Day is approaching.

Listed below are recent MIT-related items from faculty, researchers, and alumni that relate to the U.S. presidential campaign. Topics include a visit to campus from reps of President Barack Obama and Governor Mitt Romney, mobile apps that clarify ad rhetoric, the intricacies of the U.S. voting system, and faculty opinions on the candidates.

Have you noticed any other MIT-related election stories? Let us know in the comments below or on Facebook, and we’ll add them to our list through Election Day.

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The EmTech Conference, MIT Technology Review’s annual gathering of researchers and leaders in emerging technologies, took place on Oct. 24-26, 2012. The conference focused on innovative ideas with potential for commercial impact, including new methods of alternative energy, technology-influenced education, and social media’s impact on data analysis.

Held at the Media Lab, the conference had a heavy Institute influence, with presentations from close to a dozen alumni, faculty, and affiliated researchers.

David Keith PhD ’91, professor of applied physics and professor of public policy at Harvard University, argued for adding one million tons of sulfuric acid to Earth’s upper atmosphere, which could shade the planet from increased global warming. Keith believes geoengineering—interventions in Earth’s climate to prevent rising temperatures—will a feasible option within the next 50 years, but political problems will arise. [Watch “Reigniting Innovation.”]

“Once you invent a new technology, you have no idea where it will go… (Geoengineering) could lead to two nuclear-armed states fighting over the thermostat.”

Andrew Fiore SM ’04

Facebook data scientist Andrew Fiore SM ’04 discussed social media’s reshaping of society, Facebook’s always-evolving news feed, and what influences Facebook users. Fiore says, in today’s society, there is minimal difference between online and offline behavior. [Watch "The Personal Implications of Big Data."]

“Online behavior is quickly becoming the behavior of humanity…Strong relationships are individually more influential, but weaker ones are collectively more influential.”

Idit Harel Caperton PhD ’88, president of the World Wide Workshop, and Nicholas Negroponte ’66, MArch ’66, founder of One Laptop Per Child, discussed technological approaches to teaching and learning. [Watch "Education and Learning."]

Negroponte described a field experiment that delivered one solar-powered tablet—filled with games, books, cartoons, and movies—to each child in two remote Ethiopian villages, without instruction. Within five minutes, the tablets were unboxed. After the first week, each child averaged 47 apps per day. After week two, the children were singing the alphabet.

“The big question is: will they learn to read? If they can, it can impact the 100 million kids who don’t go school, and impact the kids who go to school but don’t learn to read.”

Idit Harel Caperton PhD ’88

Capterton advocated for Media Lab-like thinking in public schools, including learning-by-design, and using gaming to alter student attitudes towards school.

“Every child in this country should learn English, Spanish, Chinese—and coding…When the only constant is change, we all need to become expert learners.”

The conference also honored this year’s TR35—Technology Review’s selection of the top 35 innovators under age 35. This year’s list includes Ken Endo PhD ’12, Abraham Flaxman ’00, Drew Houston ’05, Shishir Mehrotra ’00, and Baile Zhang PhD ’09, plus six MIT-related faculty, post-docs, and researchers.

View more information and videos—which includes presentations from Media Lab Director Joi Ito, edX President Anant Agarwal, and Ken Morse ’68—at EmTech 2012.

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Update: View a video of this presentation.

Barack Obama and Mitt Romney present sharply different visions about the role of government in the United States, particularly in tax policy and health policy. Andrea Louise Campbell, MIT professor of political science, is studying the impact that the presidential election will have on these and other issues—including Social Security, Medicare, and health insurance.

A few hours before the first presidential debate, Campbell will offer her thoughts on taxes and health care, provide insight into each candidate’s proposed policies, and take questions from the worldwide MIT community via interactive video chat on Wednesday, Oct. 3, 2012, from noon-12:30 p.m. (EDT).

Register for this free eventImpact of the Presidential Election on Tax and Health Policy—to receive the link for live viewing. After the event, return to the Slice of MIT blog and continue the conversation in the comments.

About Andrea Louise Campbell

Andrea Louise Campbell’s interests include American politics, political behavior, public opinion, and political inequality, particularly their intersection with social welfare policy, health policy, and tax policy. She is the author of How Policies Make Citizens: Senior Citizen Activism and the American Welfare State and co-authored The Delegated Welfare State: Medicare, Markets, and the Governance of Social Provision.

Her April 4, 2012, op-ed in the New York Times, “Down the Insurance Rabbit Hole,” was cited by Justice Ruth Bader Ginsburg in her opinion to uphold the Affordable Care Act. Her research has appeared in the American Political Science Review, Political Behavior, Comparative Political Studies, Politics & Society, Studies in American Political Development, and Health Affairs. She received her bachelor’s degree from Harvard and her doctorate from the University of California, Berkeley.

RELATED

Down the Insurance Rabbit Hole,” The New York Times, April 4, 2012
Will Time Heal Health Care Wounds?,” The New York Times, June 28, 2012
The Future of U.S. Health Care,” Boston Review, Aug. 13, 2012

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